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Uzbekistan

Steps to Set Up a Company:

Uzbekistan

Choose a Business Structure

  1. Sole Proprietorship (Якка тартибдаги тадбиркор - Yakka Tartibdagi Tadbirkor): Single owner, full liability.
  2. General Partnership (Шериклик жамияти - Sheriklik Jamiyati): Two or more partners, shared liability.
  3. Limited Partnership (Коммандит жамияти - Kommandit Jamiyati): General and limited partners.
  4. Limited Liability Company (Жамият масъулияти чекланган - Mas'uliyati Cheklangan Jamiyat - MChJ): Separate legal entity, limited liability.
  5. Joint-Stock Company (Акционерлик жамияти - Aktsionerlik Jamiyati - AJ): Separate legal entity, limited liability, can be public or private.
  6. Branch (Филиал): A branch of a foreign company operating in Uzbekistan.
  7. Representative Office (Ваколатхона): Limited to marketing and promotional activities, cannot conduct business transactions.

Register Your Company

  1. Choose a Company Name: Ensure it is unique and follows naming regulations.
  2. Prepare the Articles of Association: Outlining the company’s structure and rules.
  3. Open a Bank Account: Deposit the initial capital required for the company type.
  4. Register with the Public Services Agency under the Ministry of Justice: Submit the incorporation documents and pay the registration fee.
  5. Obtain a Tax Identification Number (TIN) from the State Tax Committee: For tax purposes.
  6. Register for Value Added Tax (VAT) with the State Tax Committee: If applicable.

Open a Bank Account in Uzbekistan

  1. Set Up a Business Bank Account: Necessary for managing business finances.

Obtain Necessary Licenses and Permits

  1. Check Industry-Specific Requirements: Depending on the nature of your business, you may need specific licenses or permits.

Comply with Uzbek Employment Laws

  1. Employment Contracts: Draft contracts that comply with Uzbek labor laws.
  2. Register with the Ministry of Employment and Labor Relations: For social security purposes.
  3. Health and Safety Regulations: Follow guidelines from the Ministry of Health.

Accounting and Reporting

  1. Set Up an Accounting System: Maintain accurate financial records.
  2. Annual Financial Statements: Prepare and file annual financial statements.
  3. File Annual Tax Returns: Submit annual tax returns to the State Tax Committee.

Laws and Regulations to Consider

Corporate Law

  1. Civil Code: Governs the formation and operation of companies.
  2. Law on Limited Liability Companies and Additional Liability Companies: Governs LLCs and ALJs.
  3. Law on Joint-Stock Companies and Protection of Shareholders' Rights: Governs JSCs.

Tax Law

  1. Tax Code: Governs all taxation matters.
  2. Law on Value Added Tax: Governs VAT regulations.

Employment Law

  1. Labor Code: Governs the terms and conditions of employment contracts.
  2. Law on Social Insurance: Governs social security contributions.
  3. Law on Occupational Safety and Health: Sets health and safety standards for workplaces.

Data Protection Law

  1. Law on Personal Data Protection: Governs data protection and privacy.

Environmental Law

  1. Law on Environmental Protection: Governs environmental protection and sustainability practices.

Intellectual Property Law

  1. Law on Trademarks, Service Marks, and Appellations of Origin: Governs the protection of trademarks.
  2. Law on Inventions, Utility Models, and Industrial Designs: Governs the protection of patents.

By following these steps and adhering to the relevant laws and regulations, you can successfully establish and operate a company in Uzbekistan. It’s advisable to consult with legal and financial experts to ensure full compliance and smooth setup.

When to Consider Setting Up a Company in Uzbekistan:

  1. Strategic Geographic Location: Uzbekistan’s location provides access to markets in Central Asia and beyond.
  2. Natural Resources: Rich in natural resources, providing opportunities for businesses in mining, agriculture, and energy sectors.
  3. Growing Economy: Uzbekistan has a rapidly growing economy with opportunities in various sectors.
  4. Favorable Investment Climate: Uzbekistan offers various incentives for foreign investment and a supportive regulatory environment.
  5. Skilled Workforce: Access to a skilled labor pool, particularly in agriculture, manufacturing, and services.
  6. Developed Infrastructure: Uzbekistan has a well-developed infrastructure, including transportation, telecommunications, and energy.
  7. Innovation and Technology: Uzbekistan is focusing on innovation and technology, with government support for tech initiatives.
  8. Stable Political Environment: Uzbekistan has a stable political environment, providing a secure backdrop for business operations.

By considering these factors and aligning them with your business goals, you can determine if setting up a company in Uzbekistan is the right move for your organization.

DALL·E 2024-07-08 12.02.10 - An illustration promoting Grant and Grahams global support for setting up companies. The image features a globe with various business icons around it
How to Set Up a Company

Step-by-Step Guide: How to set up a Company

Setting up a company involves a series of crucial steps that require careful planning and execution. From choosing the right business structure to understanding legal and tax obligations, each stage is vital to the successful launch and operation of your business. This step-by-step guide provides a comprehensive overview of the key processes involved in establishing a company, ensuring you have the knowledge and tools needed to navigate the complexities of business formation.